NAIC Addresses Covered Agreement

Statement from Ted Nickel, NAIC President and Wisconsin Insurance Commissioner
In conjunction with today's announcement related to the U.S.-European Union Covered Agreement, the NAIC appreciates that the U.S. Department of the Treasury and the United States Trade Representative have also affirmed the primacy of state insurance regulation and intend to clarify key elements of the agreement. States will have significant implementation responsibilities related to the agreement and a confirmation of interpretation will allow state regulators and legislators to undertake an informed evaluation of any necessary changes to state laws and regulations. State regulators appreciate Treasury's and USTR's willingness to work constructively with regulators on their concerns. The NAIC will issue a full statement in connection with the formal signing of the covered agreement and issuance of the U.S. policy statement.